Junior loan officers are responsible for assisting senior loan officers in creating and closing loan packages. They review options with senior loan officers to recommend based on the applicant's financial status. They also collect financial information in order to prepare the loan file, assist applicants with loan applications, and assess applicants' financial situation and eligibility.
Junior loan officers earn an average salary of $47,000 annually or $23 per hour. They work alongside a senior mortgage loan officer to find potential home loan mortgage applicants, help them navigate the loan process, and assist with preparing and closing the mortgage loan transaction. They analyze financial data to determine an applicant's creditworthiness and ability to repay a home mortgage loan.
In terms of academic qualifications, junior loan officers typically hold a high school diploma or its equivalent. Although a bachelor's degree in business, finance, or other related fields may be beneficial in the long run. They are expected to have some years of experience as a loan officer or in a similar role. Some employers prefer candidates with a keen eye for detail and excellent interpersonal and communication skills.
There is more than meets the eye when it comes to being a junior loan officer. For example, did you know that they make an average of $23.12 an hour? That's $48,091 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many junior loan officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
When it comes to the most important skills required to be a junior loan officer, we found that a lot of resumes listed 28.6% of junior loan officers included loan portfolio, while 12.9% of resumes included loan applications, and 9.8% of resumes included outbound calls. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the junior loan officer job title. But what industry to start with? Most junior loan officers actually find jobs in the finance and hospitality industries.
If you're interested in becoming a junior loan officer, one of the first things to consider is how much education you need. We've determined that 47.9% of junior loan officers have a bachelor's degree. In terms of higher education levels, we found that 10.2% of junior loan officers have master's degrees. Even though most junior loan officers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a junior loan officer. When we researched the most common majors for a junior loan officer, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on junior loan officer resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a junior loan officer. In fact, many junior loan officer jobs require experience in a role such as customer service representative. Meanwhile, many junior loan officers also have previous career experience in roles such as cashier or sales associate.